Volkswagen, the biggest European car manufacturer has been taken over by Porsche. The German luxury sports car manufacturer, Porsche, has purchased more than 50 percent shares of the company.
According to the Company, by buying new Volkswagen shares, it will thus increase its participation to 50.76% of the group's capital, compared with 42% before.
Therefore, according to the Swedish law, Porsche is now obliged to make an offer for outstanding shares in the heavy truck manufacturer Scania, in which Volkswagen is the primary shareholder. But the company does not have any major interest and it will offer a minimum price for the Scania shares.
In 2008, Porsche had planned to purchase more than 50 percent of Volkswagen share but because of the higher share value, the operation was delayed.
Porsche, the proud manufacturer of 911 sports car and Cayenne SUV, plans to increase its stake in Volkswagen to more than 75% in 2009.